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201301631 monthly payments which are referred to in paragraph 2,or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;Leaseholds.Bonower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument(or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy. unless Lender determines that requirement will cause undue hardship for Borrower. or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to],ender (or failed to provide Lender with any material information) in connection will the loan et,hit need by the Note. including,but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply wuh 1h:provisions of the lease If Borrower acquires fee title to the Properly, the leasehold and fee 1i1te shall not he merged unless Lender agrees to the merger in writing. 6. Condemnation:)he proceeds of any award or claim Cot damages,direct or consequential, in connection with any condemnation or other taking or any part of Ile Properly, or for conveyance in place of condemation, :in; ileroby assigned and shlall he paid to Lender to the extent of the 11,11 amount of the indebtedness that rt mains unpaid under the Note andtlus Security Instrument. bender shall apply such proceeds to the redaction of the indebtedness under the Note and this Security Instrument, first lo any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application ol'the..proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Chargesto Borrowerand Protectionof Lender'sRightsin the Property.Borrower shall pay all governmental or municipal charges. fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to wake these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations). then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property. including payment of taxes, hazard insurance and other items mentioned in paragraph 2. FHA Deed of Trust-NE 4/98 VMP® VMP4R(NE)0105).00 Walters Kluwer Financial Services Page 4 of 10